Chicago, May 19 – Citigroup Global Markets Holdings Inc. priced $1.99 million of callable fixed-to-float SOFR CMS spread range accrual notes due May 18, 2043 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The interest rate is 10% for the first two years, payable quarterly. After that, the coupon will be based on a rate of 50 times the spread of the 30-year U.S. dollar SOFR ICE swap rate minus the two-year U.S. dollar SOFR ICE swap rate. The coupon interest rate will be capped at 10% and floored at 0%.
The coupon after the first year and a half will be paid based on the number of days in the quarterly accrual period when the index closes above the 60% accrual barrier.
The notes will be callable at par on any quarterly redemption date starting May 18, 2025.
The payout at maturity will be par plus any coupon due.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
|
| Guarantor: | Citigroup Inc.
|
| Issue: | Callable fixed-to-float SOFR CMS spread range accrual notes
|
| Underlying index: | S&P 500 index
|
| Amount: | $1,988,000
|
| Maturity: | May 18, 2043
|
| Coupon: | 10% for the first two years, payable quarterly; after that, annualized rate of 50 times the spread of the 30-year U.S. dollar SOFR ICE swap rate minus the two-year U.S. dollar SOFR ICE swap rate for each day the index closes above accrual barrier levels in quarterly accrual period; cap of 10%, floor of 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus any coupon due
|
| Call option: | At par on any interest payment date starting May 18, 2025
|
| Initial level: | 4,124.08
|
| Accrual barrier level: | 2,474.448.; 60% of initial level
|
| Pricing date: | May 12
|
| Settlement date: | May 17
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Fees: | 5%
|
| Cusip: | 17331HSQ0
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
